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London-based fintech loan provider Creditspring has raised £48m to ramp up its money lending services amid the cost of living crisis. The company said the new funds will go towards increasing its lending capacity to meet the increased demand for loans as both inflation and daily costs continue to rise for UK consumers. Creditspring has […]

Adjusted profit before tax was also up by 18% during the year

The UK’s data watchdog has slapped US-based facial recognition software company Clearview AI with a £7.5m fine for illegally collecting billions of images of UK people online. The Information Commissioner’s Office (ICO) said Clearview collected more than 20 billion images of people’s faces from social media and other internet sources to add to its facial […]

AI waste analytics platform Greyparrot has closed an $11m (£8.9m) Series A funding round led by Una Terra. Greyparrot uses computer vision technology to analyse and sort waste into the right categories at waste facilities. It also provides waste analytics that can be used by waste managers, producers and regulators. Its technology is used by […]

Foodsteps, a London-based startup that has developed a platform to help the food sector reduce its carbon footprint, has raised $4.1m (£3.2m) in a seed funding round led by Octopus Ventures. Foodsteps provides companies with a platform to calculate, label and reduce the environmental footprint of the food industry at every stage of the process. […]

£250,000 will be invested by both companies annually to create 400 new jobs in Leeds, Glasgow and Edinburgh

California-based venture capital firm Sequoia Capital has revealed the 17 members of its inaugural Arc cohort, a seed-stage investment and mentorship programme for European tech startups. Sequoia is a powerhouse in the tech VC investment world and has previously backed the likes of Google, Nvidia, Apple and PayPal. Historically, it has mainly invested in US […]

Money will be spent on increasing commercial traction ahead of launch

The UK’s Financial Conduct Authority (FCA) chair has questioned the legitimacy of speculative crypto tokens and highlighted the challenges facing the watchdog in regulating the cryptocurrency sector. In a speech given on Friday, FCA chair Charles Randell expressed scepticism about “speculative crypto tokens”. Cryptoassets have been a hot topic for the financial watchdog, particularly as […]

Tranch, a startup providing buy now pay later (BNPL) services for software sellers, has emerged from stealth and raised £3.5m in a pre-seed round led by Flash Ventures. London-based Tranch will also join the prestigious US tech accelerator Y Combinator’s Summer 2022 cohort. Tranch will use the capital – which came as combination of debt […]

British challenger bank Atom is reportedly considering a US public listing as interest from a New York-based special purpose acquisition company (SPAC) increases. Founded in 2013, Atom Bank has been one of the standout success stories in the UK’s fintech market, capitalising on the introduction of open banking to compete with the traditional banking giants. […]

Twitter has a bot problem. At least, it does according to Elon Musk, the billionaire entrepreneur in the midst of a $44bn ($35bn) takeover of the social media platform. Musk has said that if his bid is successful he will “authenticate all real humans”. A London-based startup, called Better Social Media, is building a social […]

Vertice, a startup that manages businesses’ software renewals, has emerged from stealth following a $26m (£20.8m) Series A round led by 83North and Bessemer Venture Partners. London-headquartered Vertice will use the funds for growth, hiring in the engineering and commercial departments and for platform development. Vertice’s platform analyses the software as a service (SaaS) that […]

Children’s bike and scooter subscription service Bike Club has raised £16.75m in a Series B funding round led by Circularity Capital, with the funds to fuel national and European expansion. Bike Club has plans to move to France and Germany in the next one to two years. It currently has a network of 40,000 bikes […]

Swedish fintech giant Klarna is reportedly seeking a new round of funding that would lower its valuation to around $30bn, a significant decrease from the firm’s previous public valuation of $45.6bn, according to a report by The Wall Street Journal. The firm is Europe’s most valuable private fintech, but the proposed down round would put […]

There is no manual for starting your own tech business. But there are many inspirational entrepreneurs forging their own paths to drive tech innovation in the UK. Victoria Edwards, co-founder and CEO of FIDO Tech, is a shining example of the diverse range of backgrounds leading our tech sector. Edwards is a former concert pianist […]

University spinout investment company Northern Gritstone has raised £215m in funding, backed by local pension funds, to invest in British startups. Formed as a joint spinout from three northern universities – Leeds, Manchester, and Sheffield – Northern Gritstone received the funds from the West Yorkshire Pension Fund and the Greater Manchester Pension Fund. Other backers […]

Sachin Raoul is the co-founder of Blueheart, a digital sex therapy app aiming to put relationship health on the public health agenda. The London-headquartered company’s app, which uses “smart algorithms” to create bespoke relationship therapy, has been used by 50,000 couples across more than 150 countries Raoul launched the Blueheart in 2020 after struggling with […]

A fully developed metaverse could be as much as 15 years away, according to a new document written by former Deputy-Prime Minister Nick Clegg, now president of global affairs at Meta. The nearly 8,000-word meta manifesto, published on Medium, outlines the company’s vision for the future of the largely ill-defined and nascent metaverse. Those excited […]

Former US Vice President Al Gore’s Generation Investment Management has launched a $1.7bn (£1.3bn) fund to invest in private sustainability companies. Generation’s Fund IV is its largest fund to date and will see the firm invest between $50m to $150m in “high growth” businesses. Specifically, it is investing in sustainable and environmental, social and governance […]

London-based Seraphim Space Camp, a VC-led accelerator for global space tech startups, has revealed the crew members of its latest programme, Mission 9. Onboard the 11-week programme seven companies will develop relationships with space corporates and agencies and receive support to attract investment. Out of the seven space tech companies selected, four are UK based. […]

The billionaire co-founder and CEO of fintech giant Revolut, Nikolay Storonsky, is launching a new venture fund called the Quantum Light Capital Fund. Storonsky, along with several other investors, will be putting in around $200m (£161m) into the new fund, which has been described as powered by artificial intelligence (AI). With a total amount raised […]

London-based venture capital (VC) firms have come out on top for their ability to spot and invest in technology unicorns at an early stage across Europe, the Middle East and Africa. In an industry often dominated by the US, London-headquartered VC firm LocalGlobe has been identified as the VC backing the most startups at the […]

London-based fintech Thought Machine has doubled its valuation to $2.7bn (£2.2bn) after a $160m funding round featuring institutional investor Morgan Stanley. The Series D round was led by Singaporean investor Temasek, with Italian bank Intesa Sanpaolo and Morgan Stanley participating. Lloyds TSB Group also provided capital. Founded in 2014, Thought Machine is a cloud-based banking […]

Edinburgh start-up extends crowdfunding campaign to £2m target

Argo Blockchain and other companies specialising in cryptoasset technology are seeing their shares suffer downturns following the recent drop in the value of the global cryptocurrency market. Virtually every major crypto token has fallen in value in a market-wide event dubbed “the cryptocrash”. The most popular cryptocurrencies, Bitcoin and Ethereum, have dropped to pre-2021 values […]

The latest UKTN Podcast is out now. This week’s guest is Brad Goodall, the co-founder and CEO of fintech company Banked. Founded in 2018, Banked provides software that lets consumers make payments without entering bank details. The London-headquartered company provides the open banking infrastructure that connects merchant banks and consumer banks, allowing customers to pay using a […]

New report suggests the Scottish Government should make computer science a core part of the curriculum

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